Test cricket was exciting many decades ago, when we had players such as Brian Lara, Brett Lee, Glen McGrath, Shane Warne, Sachin Tendulkar, Rahul Dravid, Wasim Akram, Muttiah Muralitharan, Alan Donald and Alistair Cook. But the current bunch of players don't have any test skills and they concentrate solely on limited overs cricket. Only a few fringe players such as Pujara and Rahane are considered as test specialists in India. The same is the case with other South Asian nations as well. Test cricket is in a better position in SENA nations though.
Test cricket is not appealing to people anymore. I remember I didn't even watch the match by which New Zealand won the WTC. I am quite sure that if a person is still watching test cricket, either he is a student or a retired person.
Because people simply don't have the time right now to watch test cricket and basically waste a huge part of their life. And the players have also realized that the other formats are a lot more interesting and appealing to people than test cricket. We don't often find players who are better in especially test cricket.